Keith.

DocuSign and Procurement Processes: What You Need to Know

Keith Krach
June 18, 2016
DocuSign

In a business market where speed is the new currency, the savviest companies look for innovative ways to create fluid workflows throughout all operations. Given the savings of time and money, there’s simply no excuse not to make the transition from paper to digital.  

Though you may not realize it, your supply chain is one of the most efficient places to begin fine-tuning your operations through digital solutions. This is especially true in procurement, where the ability to obtain quality products and services quickly and at the right price can mean the difference between building strong, loyal ties with customers and losing them to more tech-savvy competitors.

By employing DocuSign’s innovative digital solutions, procurement departments in any industry can gain the following valuable benefits.

Improved Organization

To carry out efficient procurement operations, companies must be highly organized and coordinate with multiple vendors and suppliers in a timely manner. Monitoring and synchronizing the work of multiple entities can be a difficult task to undertake without the right tools, and a procurement department that doesn’t stay organized will have a difficult time meeting purchasing compliance standards.

With DocuSign’s cloud-based digital transaction management solutions, customers can use the platform to execute, manage, and store contracts, agreements, and other transactions. Because all dealings are conducted digitally, procurement departments can use audit logs to store data such as the date and time of signature, and confirm authentication methods. Additionally, DocuSign allows procurement managers to track the progress of documents, providing them with information about who has and has not given signatures on contracts between multiple parties.

The improved organization provided by DocuSign solutions also makes it easy to prevent unnecessary delays from the destruction or misplacement of a physical document copy.

Lower Costs

Some statistics indicate that US companies spend a collective $120 billion a year on printed documents, and that large organizations misplace a document once every 12 seconds. In procurement, the price of doing business on paper can be significantly higher, with additional costs generated by the need to mail or overnight contracts and purchase orders  in order to keep transactions moving. Additionally, paper costs your employees’ time, as they must use billable hours assembling and packaging documents before sending important contracts and agreements.

Using DocuSign, procurement departments can reduce the amount of money spent on paper and its associated waste, while also diminishing the percentage of a workday that employees spend shuffling paper. Time that employees don’t spend printing, looking for, filing, or creating paper documents can save you thousands of hours in wages each year.

Operational Flexibility and Productivity

The key to effective procurement is speed. At the same time, procurement often requires the participation of multiple people with conflicting schedules, which can slow collaboration and result in delays of days or weeks. In contrast, the process could be moved forward in hours or even minutes through the use of digital transaction management.

Using DocuSign on mobile platforms means that all parties to a contract or other procurement process can be involved anytime, anywhere. DocuSign’s mobile services enhance the agility of your procurement department’s operations, improving the speed with which you’re able to onboard new vendors and approve purchase requests. 

Enhanced Security

When procurement departments use paper to secure signatures on sensitive documents, they’re risking a security breach. Apart from the possibility of paper documents getting lost in transit, storing paper contracts that contain sensitive information increases the possibility of theft or even destruction by accidents like fire or flood.

Procurement professionals who use DocuSign are able to rely on a system that imposes strict methods for identity authentication for document clearance, including voice recognition, personal passcode questions, SMS confirmation, and advanced PKI protocols. The content of all contracts stays private, even from DocuSign, and is encrypted to meet the highest applicable security standards. In addition, tamper-proof technologies and easily readable audit trails allow documents managed through DocuSign to be legally binding and court-admissible. 

Procurement departments can feel secure knowing that pricing details, business terms, intellectual property, and other sensitive information is protected.

Better Company Image 

The companies that make the choice to integrate advanced technological solutions into their business operations set the standard for the rest of their industry. Digital transaction management is the way of the future because it improves contract execution times, reduces costs, and even refines your image as a company that values sustainability and doesn’t waste paper. By relying on DocuSign solutions for procurement, you position your company as trustworthy, competent, and capable, rather than outdated and behind the times—after all, cloud-based digital transaction management is becoming the standard, rather than the exception. 

Quick to implement and easy to use, DocuSign’s digital transaction management solutions integrate seamlessly with popular procurement and purchasing platforms like Ariba, Novatus, Coupa, and others. Whatever your procurement needs, you can look forward to a smoother, more efficient way of running your business.

 

Keith Krach

Keith Krach is Chairman of DocuSign, The Global Standard for Digital Transaction Management.